News in Brief (August 01, 1988)

Simicom 1988 and Company Limited and Partnership has entered into an agreement with Madeleine Mines (TSE) to provide the company with $500,000 in financing for the 1988 exploration season. The partnership will receive common shares of the company in consideration of the funding. Number of shares to be issued will be determined next March based on a 20-day average trading price, with no premium.

Chelsea Resources (VSE) reports production from its Spotted Horse mine for June, 1988, was approximately 1,200 tons of ore at a grade of 0.79 oz gold per ton. Recovery for this period was approximately 890 oz.

Hemlo Gold Mines (TSE) has acquired 13,300 shares of Central Crude (VSE) by way of purchases on the Vancouver Stock Exchange, and entered into private agreements to acquire an additional 200,000 shares. These, together with 644,400 shares previously held, bring Hemlo Gold’s holdings up to 857,700, which represents 18% of Central Crude’s 4,761,702 issued and outstanding shares.

Corona Corp. (TSE) announced that its wholly-owned subsidiary, 782156 Ontario Limited has purchased 990,000 units of Northair Mines (TSE) at $1.20 per unit, for a total of $1,188,000, in a private agreement. Each unit consists of one common share and one share purchase warrant of Northair, exercisable at $1.20 per share and expiring in one year.

Perron Gold Mines (ME) reports that since the pouring of the first gold dore bar on May 17 at the company’s Sleeping Giant (Soisson) property in Quebec, the mine has produced 3,984 oz of gold and 7,005 oz of silver. The company has been producing dore bars on a weekly basis since May 17 with recent bars containing 500 oz of gold and nearly 1,000 oz of silver. The company expects to pour approximately 2,800 oz of gold in August.